Image Recognition in Consumer Packaged Goods (CPG) Market Market Size, Share, Growth, 2032

Image Recognition in Consumer Packaged Goods (CPG) Industry Prospective:

The global image recognition in consumer packaged goods (CPG) market size was evaluated at $2 billion in 2023 and is slated to hit $8 billion by the end of 2032, with a CAGR of nearly 17% between 2024 and 2032.

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Image Recognition in Consumer Packaged Goods (CPG) Market: Overview

Image recognition technology has brought a paradigm shift in a spectrum of end-use sectors, and consumer packaged goods is one of these end-use sectors. Moreover, it uses artificial intelligence to analyze visual data from various kinds of retail environments, thereby enabling many brands to optimize product placement, monitor inventory levels, and improve consumer engagement.

Key Insights

• As per the analysis shared by our research analyst, the global image recognition in consumer packaged goods (CPG) market is projected to expand annually at the annual growth rate of around 17% over the forecast timespan (2024-2032)
• In terms of revenue, the global image recognition in consumer packaged goods (CPG) market size was evaluated at nearly $2 billion in 2023 and is expected to reach $8 billion by 2032.
• The global image recognition in consumer packaged goods (CPG) market is anticipated to grow rapidly over the forecast timeline owing to a surge in the use of image recognition in consumer packaged goods for stock monitoring & inventory management, shelf auditing, and planogram compliance.
• In terms of application, the shelf monitoring & execution segment is slated to register the highest CAGR over the forecast period.
• Based on technology, the artificial intelligence segment is predicted to contribute majorly towards global industry surge in the ensuing years.
• On the basis of deployment, the cloud-based segment is likely to maintain segmental domination in the forthcoming years.
• In terms of end-user, the retailers segment is likely to record the highest CAGR over the forthcoming years.
• Region-wise, the Asia-Pacific image recognition in consumer packaged goods (CPG) industry is projected to register the fastest CAGR during the assessment timespan.

Image Recognition in Consumer Packaged Goods (CPG) Market: Growth Factors

A massive penetration of image recognition tools for stock identification in CPG to boost the global market surge

A surge in the use of image recognition in consumer packaged goods for stock monitoring & inventory management, shelf auditing, and planogram compliance will steer the expansion of the global image recognition in consumer packaged goods (CPG) market.

Furthermore, image recognition is used for inspecting consumer packaged goods for defects and demand forecasts, thereby driving global market trends. Need for improving consumer experience and protecting brands by identifying duplicate products will propel the market surge in the coming years. The utility of image recognition in consumer packaged goods can enhance efficacy, decision-making, and improve consumer satisfaction.               

Image Recognition in Consumer Packaged Goods (CPG) Market: Restraints

Need for apt labeling of images can deter the expansion of the industry globally by 2032

Poor image quality can notably affect the accuracy of the image recognition algorithms, which further retards the expansion of global image recognition in consumer packaged goods (CPG) industry. Furthermore, accurate image labeling for training can be costly and time-consuming, thereby inhibiting global industry expansion.

Image Recognition in Consumer Packaged Goods (CPG) Market: Opportunities

Need for checking brand quality can create new growth facets for the global market over 2024-2032

Need for enhancing consumer behavior analysis and real-time analytics will create new growth avenues for global image recognition in consumer packaged goods (CPG) market. Moreover, the necessity for supply chain optimization and brand monitoring will craft a profitable growth map for the market globally. Demand for improving customer experience will steer the market growth globally.

Image Recognition in Consumer Packaged Goods (CPG) Market: Challenges

Less access to expert workforce can challenge the global industry expansion over forecast period

Resistance to change and lack of availability of skilled labor can challenge the expansion of global image recognition in consumer packaged goods (CPG) industry. Furthermore, growing data security concerns and the need for regulatory compliance can create hurdles in the growth of the global industry.

Image Recognition in Consumer Packaged Goods (CPG) Market: Report Scope

Image Recognition in Consumer Packaged Goods (CPG) Market: Segmentation

The global image recognition in consumer packaged goods (CPG) market is divided into application, technology, deployment, end-user, and region.                                             

In terms of application, image recognition in consumer packaged goods (CPG) market across the globe is segmented into shelf monitoring & execution, supply chain optimization, and competitive intelligence segments. Apparently, the shelf monitoring & execution segment, which accrued nearly 44% of the global market earnings in 2023, is predicted to register the fastest CAGR in the next couple of years as a result of burgeoning demand for shelf monitoring & execution and allocation of funds in shelf monitoring & execution.

Based on the technology, global image recognition in consumer packaged goods (CPG) industry is sectored into computer vision and artificial intelligence segments. Furthermore, the artificial intelligence segment, which accounted majorly towards the global industry in 2023, is likely to contribute lucratively towards the global industry surge over 2024-2032. This can be due to the high accuracy of deep learning models along with constant innovations in them.

On the basis of deployment, the global image recognition in consumer packaged goods (CPG) market is segregated into on-premise and cloud-based segments. Moreover, the cloud-based segment, which led the segmental surge in 2023, is projected to retain a segmental leadership position in the forecasting timeline owing to its flexibility & scalability and minimized infrastructural charges. Apart from this, easy access to new cloud systems and quicker deployment have enabled consumer packaged goods firms to swiftly implement image recognition tools. This, in turn, is predicted to translate into massive expansion of the segment in the upcoming years.

Based on end-user, the global image recognition in consumer packaged goods (CPG) industry is segmented into retailers, third-party service providers, and manufacturers segments. Furthermore, the retailers segment, which dominated the end-user segment in 2023, is likely to record the fastest CAGR over the analysis timeline. The segmental surge over the assessment period can be due to the need for enhancing shelf monitoring activities in retail shops, improving inventory management activities in these shops, and enhancing customer shopping experience.

Image Recognition in Consumer Packaged Goods (CPG) Market: Regional Insights

North America is projected to maintain leading position in the global market over the projected timespan

North America, which accounted for nearly 73% of the global image recognition in consumer packaged goods (CPG) market size in 2023, is expected to maintain a number one position in the global market during the forecasting timespan. In addition to this, the regional market progress in the coming eight years can be ascribed to the early adoption of new systems such as image recognition along with the presence of giant tech firms & research institutes in countries such as the U.S. Apart from this, strict implementation of data security and launching of new technologies in the retail sector and digitization will drive the regional market trends.  

The Asia-Pacific image recognition in consumer packaged goods (CPG) industry is set to record the highest CAGR in the predicted timespan. The swift elevation of the industry in Asia-Pacific can be credited to swift economic development, technological innovations, and flourishing e-commerce sector in the region. Supportive government schemes promoting use of AI and other systems will steer the regional industry surge.

Image Recognition in Consumer Packaged Goods (CPG) Market: Competitive Space

The global image recognition in consumer packaged goods (CPG) market profiles key players such as:

• CreativeX
• Microsoft Corporation
• Google Inc.
• Infilect
• SenseTime
• Amazon Web Services
• Trax
• IBM Watson
• Megvii
• Cognitec
• Scale AI
• Clarifai

The global image recognition in consumer packaged goods (CPG) market is segmented as follows:

By Application

• Shelf Monitoring & Execution
• Supply Chain Optimization
• Competitive Intelligence

By Technology

• Computer Vision
• Artificial Intelligence

By Deployment

• On-Premise
• Cloud-Based

By End-User

• Retailers
• Third-Party Service Providers
•  Manufacturers

By Region

• North America
  • The U.S.
  • Canada
• Europe
  • France 
  • The UK
  • Spain
  • Germany
  • Italy
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Southeast Asia
  • Rest of Asia Pacific
• Latin America
  • Brazil
  • Mexico
  • Rest of Latin America
• Middle East & Africa
  • GCC
  • South Africa
  • Rest of Middle East & Africa